Warburg Pincus–backed StorHub completes acquisition of Storage PLUS in Japan

StorHub Group, an Asian self-storage platform, has completed a 100 percent share capital acquisition of Storage PLUS Corp., a self-storage provider in Japan, from Ichigo.

“We have continued to see strong underlying demand for self-storage driven by continued urbanization, rising housing prices in Asia’s metropolitan areas and the decluttering of apartments due to hybrid work post-pandemic,” said Li Fan, managing director of Warburg Pincus and board director of StorHub. “We believe Asia’s self-storage industry is approaching an inflection point and is poised for accelerated growth in the coming years. StorHub is well positioned with a best-in-class management team and an unmatched value proposition to capture the tremendous growth opportunities ahead.”

Following the transaction, StorHub will become one of the largest self-storage operators in Japan, with approximately 390 stores that are owned, leased and managed. Overall the firm has 440 stores, becoming one of Asia’s major self-storage platforms with facilities spanning more than 6.4 million square feet and more than 70,000 storage units across Australia, Greater China, Japan, Malaysia, Singapore and South Korea. The platform aims to amass a high-quality portfolio of up to $5 billion of assets via organic and M&A growth in the coming years with the plan of an eventual IPO.

In 2020, StorHub entered the Japan market through the acquisition of Tokyo Reise Box, one of the oldest self-storage operators in Japan (which was later rebranded as ROOT StorHub).

Warburg Pincus acquired the company from CapitaLand in 2019.